Pickens makes new bid

Bythe Associated PressJanuary 8, 1987

New York
— A partnership led by Texas oilman T. Boone Pickens Jr. has renewed its attempt to gain control of Diamond Shamrock Corporation by launching a partial tender offer for the Dallas-based energy concern. An earlier bid by the Pickens group to acquire Diamond Shamrock for securities valued at $2 billion was rejected by the company Dec. 18, and the offer was dropped the same day.

The partnership -- Lucky Partners, which includes Mesa Limited Partnership, a Texas-based energy group of which Mr. Pickens is general partner, and businessman John M. Harbert III -- began an offer Wednesday to buy 20 million Shamrock common shares for $15 each, or $300 million.

Together with the 5 million shares the partnership already owns, the 20 million shares would give the partners about 22.5 percent of Diamond Shamrock's approximately 111 million total shares outstanding.